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Revenue dipped 2.7 per cent to S$157.3 million in Q3 2016, dragged down by weaker performance in the food atrium business.

For the first nine months of the year, net profit grew 8.5 per cent to S$7 million, while revenue dipped 1.6 per cent to S$461.7 million year on year.

In its outlook, the group said it has embarked on a consolidation path in its business, especially in China, in view of a still challenging food and beverage retail environment in that market.

"With its efforts in tightening cost controls and improving its supply chain operations having borne fruits, the bakery division has also commenced the review of its existing franchise portfolio with the aim to consolidate its operations and position the franchise business for future expansion," it said.

The under-performance of the food atrium division has largely come under control, with a clear turnaround plan in place, the group said, adding that new outlet openings in the next 12 months will largely be focused on key cities "where we have existing strong operating track record".

Capital expenditures on such outlets will be more stringently controlled to shorten the payback period, it added.

As for the restaurant division, it continues to have a steady performance and the group will explore new opportunities for growth both in existing and new markets.